J.P. Marvel Investment Advisors LLC Has $2.80 Million Position in Otis Worldwide Co. (NYSE:OTIS)

J.P. Marvel Investment Advisors LLC cut its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 0.7% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 26,944 shares of the company’s stock after selling 178 shares during the quarter. J.P. Marvel Investment Advisors LLC’s holdings in Otis Worldwide were worth $2,801,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Olympiad Research LP acquired a new position in Otis Worldwide during the 3rd quarter worth approximately $227,000. Montecito Bank & Trust bought a new stake in shares of Otis Worldwide in the third quarter worth $289,000. Principal Financial Group Inc. boosted its holdings in Otis Worldwide by 1.3% during the third quarter. Principal Financial Group Inc. now owns 471,044 shares of the company’s stock worth $48,960,000 after purchasing an additional 6,261 shares during the last quarter. US Financial Advisors LLC bought a new position in Otis Worldwide in the third quarter valued at $213,000. Finally, Maia Wealth LLC bought a new position in Otis Worldwide in the third quarter valued at $47,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on OTIS shares. Wolfe Research cut shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. Barclays decreased their price target on Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating for the company in a research note on Thursday, October 31st. Wells Fargo & Company dropped their price objective on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 31st. Morgan Stanley began coverage on shares of Otis Worldwide in a research note on Friday, September 6th. They issued an “equal weight” rating and a $97.00 target price for the company. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $110.00 price target on shares of Otis Worldwide in a research report on Thursday, September 19th. Eight equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $102.00.

Otis Worldwide Price Performance

Shares of OTIS opened at $100.93 on Friday. The company’s 50-day moving average is $99.51 and its 200-day moving average is $97.00. The firm has a market capitalization of $40.32 billion, a PE ratio of 25.17 and a beta of 1.04. Otis Worldwide Co. has a fifty-two week low of $79.73 and a fifty-two week high of $106.33.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing the consensus estimate of $0.97 by ($0.01). Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The company had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.59 billion. During the same period in the prior year, the company earned $0.95 earnings per share. The firm’s revenue was up .7% compared to the same quarter last year. Analysts predict that Otis Worldwide Co. will post 3.86 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 15th will be issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 1.55%. The ex-dividend date is Friday, November 15th. Otis Worldwide’s dividend payout ratio is 38.90%.

About Otis Worldwide

Otis Worldwide Corporation engages in manufacturing, installation, and servicing of elevators and escalators in the United States, China, and internationally. The company operates in two segments, New Equipment and Service. The New Equipment segment designs, manufactures, sells, and installs a range of passenger and freight elevators, as well as escalators and moving walkways for residential and commercial buildings, and infrastructure projects.